PIMCO Co-CEO Bill Thompson to Retire at End of 2008

Co-CEO Mohamed El-Erian Elected to Serve as Firm's CEO Upon Thompson's Retirement

PIMCO announced today that after 15 years as CEO, Bill Thompson will retire at the end of this year. Co-CEO Mohamed A. El-Erian, who returned to PIMCO in January 2008, was elected to serve as the firm's CEO upon Mr. Thompson's retirement. Mr. El-Erian will also continue his role as co-CIO with Bill Gross.

r. Thompson has guided the firm to significant growth and profitability during his tenure, expanding the firm from one office, 125 employees and $40 billion in assets under management, to 9 offices around the world, over 1,000 employees and $840 billion of client assets.

"Bill has been an extraordinary leader for PIMCO and a close friend and partner to me. PIMCO's success has as much to do with the leadership and judgment that Bill has provided to the firm as what happens on the trading floors. PIMCO is going from 'strength to strength' as Mohamed takes the CEO reigns from Bill," said Mr. Gross.

r. El-Erian added that "Bill's leadership role as PIMCO's CEO has enabled our firm to provide world class investment services to clients around the globe. I have thoroughly enjoyed partnering with Bill and look forward to continuing to draw on his expertise in the years ahead."

r. Thompson added: "It has truly been a privilege for me to be CEO of PIMCO for nearly 15 years. I am especially proud of the people in this organization, past and present, who have consistently maintained a focus on excellence. I believe this is a particularly good time for a leadership transition at PIMCO because our firm has never been stronger or better positioned."

"My colleagues and I at AGI salute Bill Thompson for the extraordinary record of success he established as PIMCO's CEO. We are also fortunate to have world-class leaders such as Bill Gross and Mohamed El-Erian to help guide the firm's future growth," said Joachim Faber, CEO of Allianz Global Investors, PIMCO's parent company.

r. Thompson will remain available to both PIMCO and Allianz for various projects and consultations. He also plans to pursue personal priorities including several corporate boards and philanthropic activities.

About PIMCO

PIMCO, founded in 1971, is a global investment management firm serving a wide range of institutional and retail investors worldwide. With offices in nine countries in North America, Europe and Asia, we manage investments across a broad spectrum of global financial markets. Our success is built on our philosophy of seeking to consistently deliver attractive returns while maintaining a strong culture of risk management. PIMCO is owned by Allianz Global Investors, a subsidiary of the Munich-based Allianz Group, a leading global insurance company.

Except for the historical information and discussions contained herein, statements contained in this news release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may involve a number of risks, uncertainties and other factors that could cause actual results to differ materially, including the performance of financial markets, the investment performance of PIMCO's sponsored investment products and separately managed accounts, general economic conditions, future acquisitions, competitive conditions and government regulations, including changes in tax laws. Readers should carefully consider such factors. Further, such forward-looking statements speak only on the date at which such statements are made. PIMCO undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.